EFTA00356155.pdf

From: Subject: Early Tour 12.24.14 Date: Wed, 24 Dec 2014 10:51:34 +0000 Inline-Images: image001.jpg L,,T,Description: Description: Good Morning ... European Markets that are open mixed (FTSE +0.27%, IBEX +0.09%, CAC -0.22%, PSI -0.36%, $RTS +1.99%) ... NKY +1.24%, SHCOMP -1.88%, HSI +0.07%, KOSPI +0.39%, TWSE +0.97%, ASX +0.25% EUR 1.2199 (+0.22%) JPY 120.47 (+0.18%) EUR/JPY 146.96 (+0.04%) RUB +0.33% NZD +0.29% GBP +0.17% US 10yr 2.255% Futures: Dow +14, Nasdaq +5, S&P +1 DXY $89.89 (-17c) Crude $56.13 (-$1.01) Gold $1177.00 (-$1.00) Copper -0.38% Silver +0.18% Nat Gas -0.57% It was a fairly quiet night in Asia with the Philippines closed and Australia, HK, NZ and Singapore all closing early for the holidays. Markets were generally higher with the exception of China. The SHCOMP is on its way to —5% decline over the past two sessions. Recent winning sectors seeing profit-taking (banks -1%, insurance -1% and brokers -1.5%) after more chatter that China's govt may take steps to cool the market. In HK, the HSI was higher, helped in part by Macau (+2.8%) which saw a bounce after the recent drubbing (H-shares underperformed on the weakness in mainland). Japan was back online after yesterday's holiday and the Nikkei played some catch-up to the move in the Yen. In Korea, the KOSPI was higher, with autos leading gains after news reports that HMC (+2%) may increase its dividend. Most of Asia will be closed tomorrow for Christmas Day. Japan and mainland China will be open. European markets dead quiet as expected with much of the region closed for Christmas Eve and the markets that are open only for 1/2 day of trading. Russia $RTS +1.99% and the RUB is +0.28% despite news after the close that S&P may cut them to junk (expected although maybe sooner than expected). Reminder that all of Europe will be closed on Friday for Boxing Day. The 3rd and final round of the Greece Presidential vote is on Monday (180 needed to confirm Dimas but unless Samaras changes something in the coming days he is looking unlikely to get there in which case Parliament would be dissolved and early elections called for late Jan or early Feb). SPA's +1 handle = 2080.60 last. ***MBA Mortgage Applications @ 7am, Jobless Claims @ 8:30am, US & Canada '% day (1pm close)"* ***European Markets open (1/2 day): UK, Netherlands, France, Spain, Belgium, Portugal, Ireland ... Turkey & Israel full day*** ***European Markets closed: Germany, Italy, Switzerland, Denmark, Norway, Sweden, Finland, Austria, Poland, Greece*** • Stryker said to plan bid for Smith & Nephew soon at 'significant premium" (Bloomberg) • Equinix board approves REIT conversion effective for taxable year beginning Jan 1 2015 • Novo Nordisk (NOVOB DC): Saxenda wins FDA approval to treat obesity (was expected) • HeidelbergCement sells Hanson Building Products unit for $1.4B to Lone Star Funds • Recticel (REC BB) large profit warning: sees 2014 combined Rebitda -12% y/y (trading -7.0%) EFTA00356155 • US oil cos act against collective interest by waiting for rivals to turn off tap first (WSJ) • CDS go activist: Hedge funds using the contracts to fortify bets on troubled companies (WSJ) • Sony to release "The Interview" in theaters and on video-on-demand despite threats • Takata's (7312 JP) Stocker to step down as President after airbag recalls (effective today) Leading European Sectors: Oil & Gas +0.28%, Real Estate +0.24%, Utilities +0.13% Lagging European Sectors: Basic Res -0.68%, Chemicals -0.10%, Media -0.08% CAMP outlook below — CALM eps trailed — NCLH sees eps cut 5c from fire Secondaries (announced/priced): PAYC IPO's (lock-up expired): The Michaels Company (MIK) 175.3M shares (86.3% of outstanding), MOKO Social (MKB.AU) 4.2M shares (29.2% of outstanding), NextEra Energy Partners (NEP) 1.1M sharse (5.9% of outstanding) IPO's (filed/priced): Easterly Government Properties (DEA) files $100M IPO through Citi, Raymond James and RBC Capital Markets, Check-Cap Ltd (CHEK) files for 15.75M shares IPO through Chardan Capital and Maxim Group, Black Knight Financial Services (BKFS) files $100M IPO US Key Research: .' Barcap initiates VA (ow), DB initiates VA (buy), MLB initiates EFC (hold) & HALO (buy) ••• Ladenberg downgrades MMM, Wells initiates ACAT (mp) Europe Key Research: • SNS downgrades NUO NA, Degroof downgrades REC BB Reporting Pre-Open: PNY Economic Data: MBA Mortgage Applications @ 7am, Jobless Claims @ 8:30am, Bloomberg Consumer Comfort @ 9:45am DOE energy inventories @ 10:30am, EIA natural gas storage change @ 12pm, Treasury auction in 7yr notes @ 11:30am ($29B) EFTA00356156 Conferences: No major conferences Analyst/Investor Days: N/A Non-Deal Roadshows: N/A Shareholder Meetings: N/A Equity/Mixed Shelfs: RCAP, PPHM, PERY ($250M) S&P 600 change: Central Pacific Finl (CPF) to replace Triquint (TQNT), Unifi (UFI) to replace SWS Group (SWS) Other Newspaper Articles & Stories • St. Louis County Police Officer Shoots, Kills Man Near Ferguson Bloomberg • Meredith Whitney Fund Sued by Billionaire Platt's BlueCrest Bloomberg • Economy's Pace Fastest in a Decade WSJ • Dow Clears 18000 After Five-Day Tear WSJ • Sony Will Release 'The Interview' WSJ • Jake Burton, Snowboard King, Sets Multiple Goals for His Workout WSJ • Bad Day for Bonds May Be Just Noise WSJ • Credit-Default Swaps Get Activist New Look WSJ • At Coke, Newest Flavor Is Austerity WSJ • How to Fix McDonald's: Four Ideas WSJ • Budget Airlines Fly Higher on Lower Oil WSJ • No Way Out for Iraqis Who Helped U.S. in War WSJ • China's Shadow-Banking Boom Is Over WSJ • Credit-Default Swaps Get Activist New Look WSJ • Belarus's Russian Problem WSJ • In Murky World of Cyberattacks, Counterstrikes Lack Rules NYT EFTA00356157 • Chinese Go to Korea for a Nip and a Tuck NYT • Inquiry Into Foreign Bribes at Biomet Hangs Over $13 Billion Merger NYT • Cuba's Zeal for light Control Casts a Pall on New Markets NYT • US notches up fastest growth in decade FT • Let us enjoy the greatest human escape of all FT • It's only natural to ask if there is an app for that FT • Iron ore proves 2014's commodity turkey FT • Northern Ireland's parties reach broad deal but obstacles remain FT • UK looks set to miss 3% growth forecast FT • Ukraine moves closer to Nato bid FT • Mentor seethes over nurturing graduate talent FT • Greek parliament fails to elect president in second-round vote FT • Activist investors: dog days Lex • Opec: the year of cartelling dangerously Lex • Google: high in fibre Lex • Vodka: in need of a shot Lex • Bitcoin voted one of 2014's worst investments as value plummets Independent • Danny Alexander interview: Osborne savaged by his closest ally in the Coalition Independent • We have to make finance fairer for customers - here's three ways we can do it Telegraph • Rouble strengthens as Russia forces exporters to dump foreign cash reserves Telegraph • World unites to decry prosecution of source behind LuxLeaks tax scandal Guardian • Uber apologises for Sydney siege surge pricing CityAM Key Events This Week Thursday: Christmas (Markets closed) Friday: Boxing Day (European markets closed), China industrial profits (Nov) Key Events on the Horizon EFTA00356158 Dec 29 — Greece Presidential vote (final round 3) Jan 7 — Consumer Electronics Show (CES) begins in Las Vegas Jan 8 - BOE rate decision Jan 22 — ECB rate decision Jan 28 - FOMC rate decision This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachment(s) is strictly prohibited. If you have received this e-mail in error please immediately notify the sender at or by replying to this e-mail and delete the e-mail and any attachment(s) from your system. Nothing herein shall be construed as a financial promotion to any person or persons, or a solicitation or recommendation to buy or sell any security or other investment or to engage in any trading strategy. Information presented is from sources believed to be reliable, but is not guaranteed to be accurate or complete. This information should not be taken as an offer nor as a solicitation of an offer to buy or sell securities or other financial instruments. Email transmission cannot be guaranteed to be secure, timely or error free. Tourmaline Partners, LLC may review and store both incoming and outgoing messages. Use by other than the intended recipients is prohibited. EFTA00356159